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Subjects - Brand Equity
Brand equity can be defined in many different ways. I have develo
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ped a simple, yet powerful, definition of brand equity. For a bra
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
d to be strong it must accomplish two things over time: retain cu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rent customers and attract new ones. To the extent a brand does t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ese things well, it grows stronger versus competition, and delive
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s more profits to its owners.
Breaking down the definition of "b
Breaking down the definition of "b
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
and equity" into its two components, we can more easily determine
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
a reliable way to measure brand equity, and to track changes in b
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
and equity over time. The components of brand equity, retention a
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
d attraction of customers, stem from people's experiences with an
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
perceptions of a brand.
The ability to retain customers is larg
The ability to retain customers is larg
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ely experiential. High equity brands exhibit stronger levels of c
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
stomer satisfaction and loyalty. History has shown that consumers
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
will continue to buy a brand that offers them "their money's wort
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
."
The ability to attract new customers is largely perceptual. B
The ability to attract new customers is largely perceptual. B
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
cause customers do not have actual brand experience, they must go
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
by what they hear, see and believe about a brand. The two primary
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ways the market receives this information is through messages con
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
rolled by marketing, such as advertising and PR efforts, as well
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
s uncontrolled messages such as press stories and "word of mouth.
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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